|
Post by martinshrew on Dec 21, 2017 14:55:20 GMT 1
I was just wondering if anyone on here has delved into the Cryptocurrency world such as Bitcoin, Ether or Litecoin maybe?
Seems to be making the news daily due to the Bitcoin peaking as high as $20,000 per coin. I wonder where it will stop?
|
|
|
Post by lenny on Dec 21, 2017 15:28:32 GMT 1
Something I had pondered a few months ago when it was below $2,000 (Bitcoin, that is) but decided I didn’t know enough about it. Obviously frustrating but the current levels are clearly an outrageous bubble of purely speculative purchases - there is no fundamental cause of value behind Bitcoin and its price is in the same kind of reflexive cycle as house prices in America a decade ago; nobody is buying it to use as means of currency exchange.
My feeling is that some cryptocurrency will eventually become accepted and widely used - although in many cases currencies we use are purely digital anyway these days. Of more interest is the underpinning blockhain technology. For a cryptocurrency to be widely useful as a means of exchange it needs to be more versatile than Bitcoin, which requires enormous energy useage and can only be purchased in USD in any exchanges I have seen, thus leading to a double exchange risk.
Most money to be made is in the futures markets for these currencies, especially Bitcoin. Nobody knows what its stable value will be - there’s zero anchorage to anything so it’s solely based on investor sentiment - but you can guarantee volatility. My belief is that it will be superseded and up being practically worthless.
|
|
|
Post by shrewder on Dec 21, 2017 15:39:55 GMT 1
Tried hard to understand the concept but was over my head. I will stick to normal stocks and shares.
|
|
|
Post by albionshrew on Dec 21, 2017 16:26:59 GMT 1
Hurstcoin is well worth investing in!
|
|
|
Post by vanner on Dec 21, 2017 16:46:57 GMT 1
A good friend mines Bitcoin and has been telling me to invest in it for years. I’ve ignored him. He’s now got 3 bitcoins which is worth a tidy sum, except he’s adamant it’s going to keep increasing in value. Good luck to him, I can see it going bang.
|
|
|
Post by ThrobsBlackHat on Dec 21, 2017 16:55:12 GMT 1
Bitcoin is the sort of thing where early adopters cash in, late adopters get totally screwed, and no-one remembers the millions of pounds wasted in investments in other tech that didn't make it.
It is basically the dot com bubble all over again - Buy Amazon early, bingo, Buy lastminute.com late, you're screwed, invest in any of the millions of other websites that did nothing, then tough.
|
|
|
Post by champagneprince on Dec 21, 2017 18:09:58 GMT 1
I believe there's an old saying in the finance world that when the masses start talking about investing, it's time to get out.
|
|
|
Post by barrynic on Dec 21, 2017 18:31:12 GMT 1
My wife and I have one each and are enjoying the ride.
|
|
|
Post by venceremos on Dec 21, 2017 19:31:23 GMT 1
It does seem like a bubble, despite the inevitable "it's different this time" noises from many of those invested. I haven't taken the time to try to understand it so I'm happy to leave the profits/anxiety/crash to others.
Unfortunately, if and when it does crash, it will certainly have a knock on effect and most of us are likely to be exposed without realising it. You can guarantee that banks will have exposure for a start and that affects almost everyone.
If I were considering it as an investment (which I'm not), I'd hedge against it falling sharply by investing in gold at the same time. Gold remains the most reliable store of value when finances are turbulent.
|
|
|
Post by andygroundo on Dec 21, 2017 22:14:14 GMT 1
I bought one at just under £3,000 earlier this year. Should be regarded as a commodity not a currency at present.
|
|
|
Post by percy on Dec 22, 2017 7:47:19 GMT 1
A bubble that officialdom needs to burst - no real argument for its presence beyond illicit purposes.
|
|
|
Post by davycrockett on Dec 22, 2017 9:13:29 GMT 1
I bought one at just under £3,000 earlier this year. Should be regarded as a commodity not a currency at present. If you could buy one for £3000 and others above say they’ve peaked at £20,000.00 shows the uncertainty based on internet rumours I see on Local Bitcoin you can buy (or are offered but may not sell) for around £9000.00 ( yet others like you can get them for £3K ) and sell around £10,000. But does anyone actually buy at that price? Am I missing something?
|
|
|
Post by lenny on Dec 22, 2017 10:21:35 GMT 1
I bought one at just under £3,000 earlier this year. Should be regarded as a commodity not a currency at present. Nice work. Issue with it being a “commodity” is that it has no source of its value, which is true of many assets (gold or diamonds for example, although of course they are used for decorative stuff) but they don’t experience such exponential growth. Only thing driving the price up is the high demand, and the only reason for the high demand is because the price is going up and people think it will continue to do so - classic speculative bubble. If you time it right there’s a lot of money to be made, though, no matter how bubbly the market.
|
|
|
Post by venceremos on Dec 22, 2017 10:50:16 GMT 1
I bought one at just under £3,000 earlier this year. Should be regarded as a commodity not a currency at present. If you time it right there’s a lot of money to be made, though, no matter how bubbly the market. - which is also true of a pyramid scheme.
|
|
|
Post by zenfootball2 on Dec 22, 2017 11:44:11 GMT 1
i saw this article i really dont understand it and i dont invest in things i dont understand however as all things if you had bought when prices droped to £70 =$100 and they are now the price they are your investment would have risen dramatically www.walesonline.co.uk/news/wales-news/ordinary-welsh-people-making-thousands-14044146rather concerned that somone had invested there pension lump sum in to this. with all things it is only worth what someone else is willing to pay for it. like all things hindsight gives everyone 20-20 vision however it does seem more straight forward to invest in but at my age i look to save and invest in low risk, however if i was a young person my investment strategy would be different and would give it a go but with all risks you dont put all your eggs in one basket
|
|
|
Post by martinshrew on Dec 22, 2017 15:10:20 GMT 1
Interesting day in the crypto world today.
|
|
|
Post by andygroundo on Dec 22, 2017 17:32:05 GMT 1
I bought one at just under £3,000 earlier this year. Should be regarded as a commodity not a currency at present. If you could buy one for £3000 and others above say they’ve peaked at £20,000.00 shows the uncertainty based on internet rumours I see on Local Bitcoin you can buy (or are offered but may not sell) for around £9000.00 ( yet others like you can get them for £3K ) and sell around £10,000. But does anyone actually buy at that price? Am I missing something? When my original 3,000 investment got to 6,000 I sold it. When it got to 6,000 again I sold another 3,000. I'm leaving what's left to see what happens. So basically 3,000 up on the deal I use a broker who takes a cut obviously but at least it's safe. A lot of scams surrounding crypto currencies, no need to be greedy.
|
|
|
Post by zenfootball2 on Dec 24, 2017 12:19:39 GMT 1
If you could buy one for £3000 and others above say they’ve peaked at £20,000.00 shows the uncertainty based on internet rumours I see on Local Bitcoin you can buy (or are offered but may not sell) for around £9000.00 ( yet others like you can get them for £3K ) and sell around £10,000. But does anyone actually buy at that price? Am I missing something? When my original 3,000 investment got to 6,000 I sold it. When it got to 6,000 again I sold another 3,000. I'm leaving what's left to see what happens. So basically 3,000 up on the deal I use a broker who takes a cut obviously but at least it's safe. A lot of scams surrounding crypto currencies, no need to be greedy. i hope you dont mind me asking as i know nothing about this , is this a national broker who can do this or a local one?
|
|
|
Post by andygroundo on Dec 24, 2017 18:26:39 GMT 1
When my original 3,000 investment got to 6,000 I sold it. When it got to 6,000 again I sold another 3,000. I'm leaving what's left to see what happens. So basically 3,000 up on the deal I use a broker who takes a cut obviously but at least it's safe. A lot of scams surrounding crypto currencies, no need to be greedy. i hope you dont mind me asking as i know nothing about this , is this a national broker who can do this or a local one? He works worldwide and was recommended by my step son.
|
|
|
Post by zenfootball2 on Dec 24, 2017 18:54:08 GMT 1
i hope you dont mind me asking as i know nothing about this , is this a national broker who can do this or a local one? He works worldwide and was recommended by my step son. thanks
|
|
|
Post by martinshrew on Feb 2, 2018 13:50:04 GMT 1
How times have changed ...
|
|
|
Post by martinshrew on Dec 22, 2020 15:14:07 GMT 1
Bitcoin now hit it's all time high. Strange times indeed!
Anybody still involved/invested?
|
|
|
Post by lenny on Dec 22, 2020 15:29:56 GMT 1
I still sit on the sidelines and watch. Starting to get some acceptance from institutional investors - Ruffer (a London-based investment firm) have added some to their portfolios in place of gold, which they have traditionally held plenty of.
|
|
|
Post by barrynic on Dec 22, 2020 16:23:33 GMT 1
Still in and loving the rise...makes up for my cash in the Nationwide doing nothing!
|
|
|
Post by armchairfan on Dec 22, 2020 16:54:37 GMT 1
Tried hard to understand the concept but was over my head. I will stick to normal stocks and shares. Stocks and shares? I should be so lucky..... cash and plastic is the full extent of my financial expertise🤣🤣
|
|
|
Post by PeterBroadbent on Dec 22, 2020 17:59:50 GMT 1
Still in and loving the rise...makes up for my cash in the Nationwide doing nothing! Hope you've got yours in a hard wallet BarryNic ... if not try the Trezor!
|
|
|
Post by Pilch on Dec 22, 2020 18:10:07 GMT 1
i started investing in whisky, if all else fails i'll drink it ;-)
|
|
|
Post by martinshrew on Dec 22, 2020 18:19:33 GMT 1
Still in and loving the rise...makes up for my cash in the Nationwide doing nothing! Hope you've got yours in a hard wallet BarryNic ... if not try the Trezor! Even a mobile wallet is better than an exchange.
|
|
|
Post by PeterBroadbent on Dec 22, 2020 18:38:05 GMT 1
Hope you've got yours in a hard wallet BarryNic ... if not try the Trezor! Even a mobile wallet is better than an exchange. That's true! These babies will get awfully valuable quite soon, folks really must take care of them properly. The more valuable they become the greater the hacker energy.
|
|
|
Post by martinshrew on Dec 22, 2020 18:40:35 GMT 1
Even a mobile wallet is better than an exchange. That's true! These babies will get awfully valuable quite soon, folks really must take care of them properly. The more valuable they become the greater the hacker energy. What's your thoughts on some of the alt coins?
|
|